Tag Archive for: estate plan

Charitable Giving in Your Estate Plan [Episode 166]

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Attorney-CPA Joe Cordell and co-host Jill Enders are rejoined by TuckerAllen attorney Teresa Yao to break down methods of utilizing estate planning for charitable giving. They highlight how a bequest in a will or trust offers informative instructions on how much money is being given and to what charity.

Joe and Teresa highlight the risks involved when the correct legal name of the charity is not used in the estate planning documents and how closely these conditions are monitored. They also talk about what may happen if someone leaves all of their money to a charity and the surviving family members contest the will or trust.

They also talk about what may happen if a charity is not identified, but rather, a request is left that the heirs donate a percentage of assets to a specific charity after death. Teresa also highlights the ins and outs of naming a charity as the beneficiary of a retirement account, as well as how pet trusts are created, in order to take care of pets after you die.

Avoidable Mistakes When Estate Planning [Episode 163]

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Attorney-CPA Joe Cordell and co-host Jill Enders are joined by TuckerAllen attorney Teresa Yao to discuss common missteps that people make when creating and executing estate planning documents.

Teresa describes what it means to die intestate and how the legal process navigates those who do die intestate. She identifies issues that can occur if someone dies with only a will in place and also navigates how putting a loved one on a title of real property while still alive, in an attempt to avoid probate court, may be a bad idea.

Teresa also highlights the tax complications involved in giving assets outright to heirs, while one is still alive. She emphasizes the importance of putting in the right guidelines for the trust, especially for heirs that may be less financially responsible. She also talks about properly funding the trust and reviewing it, so that it reflects the most up-to-date wishes.

Exploring the Estate Planning Issues of Ernie Banks [Episode 122]

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Attorney-CPA Joe Cordell is joined by Jill Enders of KTRS and online editor and “roving reporter” Dan Pearce break down all of the intrigue surrounding the estate of former Chicago Cubs player Ernie Banks. They break down the case, as the story reenters the news.

Caretaker Regina Rice was named the beneficiary in Banks’ will. Banks died in 2015, three months after filing for divorce, and his wife, Elizabeth, and children were did not receive anything, sparking legal action over the course of several years.

Joe talks about the complications surrounding naming a caretaker as a beneficiary in your will, as well as what spouses are entitled to, regardless of a pending divorce, at the time of death. He also emphasizes the importance of sound financial planning and making sure that the estate planning documents being forged are defendable against scrutiny. He offers alternative ideas, such as a video will, that can show the intention and cognitive faculties of the deceased, to prove validity.

Joe and Jill also talk about ways of preventing caretakers from taking advantage of seniors.